Execution management system
Encyclopedia
Execution management systems (EMSs) are software applications utilized by institutional traders designed to display market data and provide seamless access to trading destinations fast for the purpose of transacting orders. They contain broker provided and independent algorithm
s, global market data
and technology that is able to help predict certain market conditions. One of the important features of EMSs is that it can manage orders across multiple trading destinations such as stock exchange
s, brokers
, crossing network
s and electronic communications networks.
Some EMS providers include SS&C Technologies, Inc., TradingScreen, Bloomberg
, FlexTrade, Nexa, InfoReach, Portware, Fidessa
, and UNX
. Major brokers also have their own EMS platform including Goldman Sachs
's REDIPlus and Morgan Stanley
's Passport.
Algorithm
In mathematics and computer science, an algorithm is an effective method expressed as a finite list of well-defined instructions for calculating a function. Algorithms are used for calculation, data processing, and automated reasoning...
s, global market data
Market data
In finance, market data is quote and trade-related data associated with equity, fixed-income, financial derivatives, currency, and other investment instruments. Market data is numerical price data, reported from trading venues, such as stock exchanges...
and technology that is able to help predict certain market conditions. One of the important features of EMSs is that it can manage orders across multiple trading destinations such as stock exchange
Stock exchange
A stock exchange is an entity that provides services for stock brokers and traders to trade stocks, bonds, and other securities. Stock exchanges also provide facilities for issue and redemption of securities and other financial instruments, and capital events including the payment of income and...
s, brokers
Stock broker
A stock broker or stockbroker is a regulated professional broker who buys and sells shares and other securities through market makers or Agency Only Firms on behalf of investors...
, crossing network
Crossing network
A crossing network is an ATS that matches buy and sell orders electronically for execution without first routing the order to an exchange or other displayed market, such as an ECN , which displays a public quote...
s and electronic communications networks.
Some EMS providers include SS&C Technologies, Inc., TradingScreen, Bloomberg
Bloomberg L.P.
Bloomberg L.P. is an American privately held financial software, media, and data company. Bloomberg makes up one third of the $16 billion global financial data market with estimated revenue of $6.9 billion. Bloomberg L.P...
, FlexTrade, Nexa, InfoReach, Portware, Fidessa
Fidessa
Fidessa Group plc is a British-headquartered company which provides software and services such as trading systems to clients in the financial services sector...
, and UNX
UNX
UNX LLC is an independent trading technology firm and a registered agency broker that provides advanced electronic trading technology solutions to a diverse client base which includes traditional asset managers, pension funds, hedge funds and sell side execution desks...
. Major brokers also have their own EMS platform including Goldman Sachs
Goldman Sachs
The Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients...
's REDIPlus and Morgan Stanley
Morgan Stanley
Morgan Stanley is a global financial services firm headquartered in New York City serving a diversified group of corporations, governments, financial institutions, and individuals. Morgan Stanley also operates in 36 countries around the world, with over 600 offices and a workforce of over 60,000....
's Passport.